Meta winding down their support for NFTs on Facebook and Instagram. Are NFTs the future or is it just a hype?
Artwork credit: astrocreator
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Are NFTs the future?
In 2022 Facebook experimented with the integration of Ethereum-based NFTs on Facebook and Instagram. For U.S. users it was possible to connect your Ethereum and Polygon NFT collection to your social media profile and showcase your precious collectibles to your online friends.
However Facebook captured only a small part of the existing NFT ecosystem and use-cases and recently announced to wind down its metaverse efforts including NFTs.
In my opinion, this is more due to Facebook's unsuccessful attempt in the Metaverse, where they spent billions to create a lacklustre VR app that no one wanted to use.
Some people think that NFTs are the future because they offer a new way of creating and owning digital art, collectibles, gaming items, and even real-world assets.
However, others are skeptical about the long-term value and sustainability of NFTs. They argue that NFTs are a fad mainly driven by hype and speculation.
I think NFTs are here to stay regardless of Facebook's failed attempt to develop a Metaverse app. Even traditional art is often a means of speculation. Using the power of blockchain technology to make art, usage licenses, and other unique items available online makes sense to me.
What do you guys think? Are NFTs the future or just a hype?